ARQL stock is having an impressive run on the market today after ArQule, Inc. (NASDAQ:ARQL) announced encouraging data from the Phase 1 trial of ARQ 531, its investigational cancer product.
About Today's Development
In this regard, it needs to be pointed out that the product is still being tested and the company is testing as many as 34 patients who are suffering from any of Richter's Transformation, chronic lymphocytic leukemia (CLL), other B-cell Non-Hodgkin lymphomas, Waldenström macroglobulinemia, or small lymphocytic leukemia (SLL).
The researchers who were responsible for overseeing the Phase 1 study found that patients did not show any discomfort even after being administered 65 mg of the product once every day. ArQule stated that the product showed promise with regards to its potency when it comes to tackling tumors. Brian Schwartz, who is the Chief Medical Officer at ArQule, released a statement in which he noted, "We are now focused on finalizing the recommended Phase 2 dose and planning for the expansion of our clinical efforts with ARQ 531 into later stage trials across multiple indications as a single agent and as a combination therapy."
After the news broke, ARQL stock rose by as much as 45% at one point and reached its highest point of $9.08 in 12 years. Now ArQule's stock is up 29% at $8.08 on massive volume.
The principal researcher for the Phase 1 study was Dr. Jennifer Woyach, who is an Associate Professor of Medicine at Ohio State University and she had some encouraging words to say about the ARQ 531 product as well. She stated that the data that was generated from the study is compelling clinical proof that the concept of the medicine actually works. In this regard, it is also important to note that it is a completely new class of medicines, and many investors will probably wait for the data from the next stages of testing.
After today's big jump, ARQL stock has performed impressively this year and has gained as much as 180% in 2019 so far.
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